【摘要】 上市公司普遍存在盈余管理,环境信息披露制度对盈余管理的约束作用可能被工具性的利用而给投资者的决策带来负面影响,高管特征对于这二者间关系具有一定的调节作用。因此,本文选取2008—2017年间中国沪深两市A股398家重污染行业上市公司的数据,共3 387个平衡面板数据为样本,通过实证研究的方法阐释企业环境信息披露水平、高管特征以及真实盈余管理三者之间的相关关系。研究表明:企业环境信息披露水平与真实盈余管理呈显著正向关系,且存在滞后效应;而且,这种关系受到了高管特征变量的显著调节影响,即环境信息披露易被工具性地利用,高管层亦会借机进行真实盈余管理。进一步提出完善环境信息披露制度、增加强制性披露项目以及完善上市公司高管监督机制等建议。更多还原

【Abstract】 Earnings management is common in Listed Companies.The binding effect of environmental information disclosure system on earnings management may be used as a tool,which may have a negative impact on investors’ decision-making.Executive characteristics can regulate the relationship between them.The data of 398 listed companies in heavy pollution industries in Shanghai and Shenzhen stock exchanges from 2008 to 2017,with 3 387 balanced panel data are selected as samples to study the relations among executive characteristics,corporate environmental information disclosure level and real earnings management.The research shows that there is a significant positive correlation between corporate environmental information disclosure level and real earnings management,and there is a lag-effect.Moreover,it is significantly influenced by the characteristic of senior executives,that is,environmental information disclosure is easily used as a tool,and senior executives can take the opportunity to conduct real earnings management.Some suggestions are put forward,such as promoting stricter environmental information disclosure system and supervision mechanism for senior executives.更多还原